Phone Battery Insurance On Blockchain, What Is It Good for?

Singapore-based Aigang, which looks to build blockchain protocols for digital insurance, announced the launch of a demo app for smartphone battery insurance . Here’s how it works: users download the app, access their Ethereum wallet & click Get Insurance. Then there will be an automatic monthly payment for the coverage. If the battery is at fault,  they will receive a payout. No need to prove anything. Now listen to this. Straight from the source. “The insurance protocol is capable of estimating claims through the most recent data and issue payouts instantly.” Okay, but ‘claims’ in this case means running out of battery. Also, Aigang claims it is “the world’s first ever consumer insurance to be built on smart contracts”.  However, earlier this year, online reputation manager Traity launched Kevinsured.com, a chatbot that provides microinsurance for P2P transactions that also happens to be powered by blockchain. With Kevinsured.com, when two peeps agree on the transaction terms, it timestamps the agreement on Blockchain, and gives a copy to each. Sounds petty consumer-y to me. And after all of this, if you still want to give Aigang’s demo a try, keep in mind that “the application is not fully functional yet, and there are chances that the users attempting to send funds from their Ethereum wallet could lose their funds.”